Over the first week of October, TPG Capital, Mubadala, the Abu Dhabi Investment Authority and GIC invested ₹19,110 crore (~US$2.6 billion) into Reliance Retail. TPG is a San Francisco-based private equity investment firm; Mubadala and ADIA are sovereign funds owned by the United Arab Emirates government; and GIC is a sovereign fund owned by the government of Singapore.
TPG invested ₹1,837.5 crore (US$250 million) for a 0.41% stake, GIC invested ₹5,512.5 crore (US$752.4 million) for a 1.22% stake, ADIA also invested 5,512.5 crore (US$752.4 million) for a 1.2% stake, and Mubadala invested ₹6,247.5 crore (US$852.9 million) for a 1.4% stake. Mubadala was said to be in talks earlier for an investment of up to US$1 billion.
TPG, ADIA and Mubadala, like many before them, have also invested in Jio Platforms, likely reflecting a belief that Reliance Retail will be able to imitate, if not replicate, Jio’s success in the telecom industry. JioMart, despite its name, is a subsidiary of Reliance Retail, not Jio Platforms. The service, which is currently delivering groceries in many towns and cities through partnerships with kirana stores and Reliance’s existing retail infrastructure, is currently in beta.
Reliance Retail has now amassed ₹37,810 crore in investments, and has sold 8.48% in stakes to investors. In addition to the investors covered so far, Silver Lake, General Atlantic, and KKR have also invested in the company. With these announcements, Reliance has now gotten more money in investments in a matter of weeks than it spent in acquiring the Future Group’s retail businesses.
Update (October 7): Updated article with ADIA investment. Article originally published on October 5.